Finolex Cables is going great guns today; opening almost 2% higher at Rs.1165, the stock price rose to Rs.1308.25, a new high and up 14%. Volumes are robust on the counter, up more than 7x.

The market has given its Q4FY24 earnings a big thumbs up as they were much better-than-expected.

The company posted a 6% (YoY) rise in consolidated net profit at Rs.186 crore and QoQ, it was up 23%. This was on a 18% (YoY) jump in revenue from operations at Rs.1451 crore.

Its EBITDA came in at Rs.162 crore, up 11% and margins rose marginally, from 11.9% to 11.6%.

The company declared a dividend of Rs.8/share (FV of Rs.2) for FY24.